Sketch the Seven Elements of Project Closeout Management model and discuss what takes place at each step

What will be an ideal response?

The seven elements of project closeout management are represented in the diagram below:

Finishing the work — This element is just as described; there are always final tasks that require polish or a punch list of items to repair before the project is officially finished.
Handing over the product — Transferring ownership requires more than just handing over the keys; it may include training, transfer of technical knowledge, or a highly structured ownership/operating agreement while the project work product is proven to be error free.
Gaining acceptance for the product — Gaining acceptance may take considerable effort to convince the customer that they can operate and rely on the project.
Harvesting the benefits — This can take the form of financial benefits, public appeal beyond that of stakeholders, future business awarded on the basis of this work product, or other advancement for the project organization.
Reviewing how it all went — This entails a thoughtful lessons-learned analysis that describes successes and failures and includes analysis on how to capitalize on knowledge gained from this venture.
Putting it all to bed — This step closes out all of the paperwork; the legal, cost, and personnel records and all documentation and correspondence relating to the project.
Disbanding the team — The project team is dismissed to go to their regular duties or on to the next project with a formal or informal discharge by the project manager and organization.